J. Front Retailing Co., Ltd.TSE: 3086

3Q FY2/2026 Reference Data

· MarketScreener

Financial Results for Third Quarter of Fiscal Year Ending February 28, 2026

＜Reference Data＞ December 26, 2025

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＜３Ｑ Financial Summary＞

3Q (September-November) saw steady sales performance, resulting in higher year-on-year business profit, slightly above plan.

Regarding the outlook for the second half, while the impact of the decline in visitors from China remains uncertain, we aim to achieve the forecast announced in October.

・Due to the reorganization of the group on September 1, 2024, part of the operations of J. Front ONE Partner Co., Ltd. were transferred to PARCO SPACE SYSTEMS Co., Ltd. and other companies. Based on these changes, the results for the previous year have been retroactively adjusted to reflect the transfer from March 1, 2024.

In 3Q (September-November), business profit increased by 900 million yen driven by revenue growth in the department store and shopping center businesses.

Operating profit decreased by 1.0 billion yen due to losses recorded from renovations at Daimaru Umeda and the decision to close Shizuoka PARCO.

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

3Q (September-November)

Cumulative 3Q (March-November)

Result

YoY

Result

YoY

Amount

%

Amount

%

Gross sales

317.7

14.1

4.6

940.3

26.2

2.9

Revenue

108.2

1.5

1.5

328.1

12.1

3.8

Gross profit

54.0

3.9

7.8

161.6

3.0

1.9

SGA

40.7

2.9

7.8

120.1

6.3

5.6

Business profit

13.3

0.9

7.9

41.5

(3.3)

(7.4)

Other operating income

0.2

0.1

92.9

3.1

(5.8)

(64.7)

Other operating expenses

2.8

2.1

307.3

4.0

1.2

47.2

Operating profit

10.7

(1.0)

(9.0)

40.6

(10.4)

(20.4)

Profit attributable to owners of parent

6.3

(1.6)

(20.4)

24.6

(12.3)

(33.4)

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

Department Store

Gross sales

Revenue

Business profit

Operating profit

SC

Gross sales

Revenue

Business profit

Operating profit

Developer

Gross sales

Revenue

Business profit

Operating profit

3Q (September-November)

Result

YoY

Amount

%

201.8

10.8

5.7

64.5

4.7

8.0

7.8

0.9

14.4

6.2

0.2

5.0

89.9

7.2

8.8

17.0

0.6

3.7

4.4

0.3

9.3

3.4

(0.5)

(14.1)

18.5

(7.4)

(28.6)

18.5

(7.4)

(28.6)

1.3

(0.7)

(34.7)

1.2

(0.8)

(40.2)

Cumulative 3Q (March-November)

Result

YoY

Amount

%

595.7

5.6

1.0

194.1

7.0

3.8

23.8

(3.0)

(11.4)

22.8

(2.4)

(9.6)

262.8

17.3

7.1

50.1

1.9

4.0

12.7

0.8

7.3

13.0

1.8

16.5

61.8

(3.1)

(4.9)

61.8

(3.1)

(4.9)

5.7

(0.6)

(9.5)

5.6

(0.6)

(10.6)

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

Payment and Finance

Gross sales

Revenue

Business profit

Operating profit

Other

Gross sales

Revenue

Business profit

Operating profit

Adjustment Amount

Gross sales

Revenue

Business profit

Operating profit

3Q (September-November)

Result

YoY

Amount

%

3.4

0.1

3.7

3.4

0.1

3.7

0.1

(0.4)

(75.2)

0.1

(0.5)

(77.4)

15.4

2.0

15.5

14.9

1.9

14.8

0.1

0.0

124.2

0.1

0.0

131.6

(11.4)

1.2

-

(10.2)

1.5

-

(0.6)

0.7

-

(0.4)

0.4

-

Cumulative 3Q (March-November)

Result

YoY

Amount

%

10.0

0.2

2.6

10.0

0.2

2.6

0.6

(1.1)

(64.4)

0.5

(0.9)

(62.9)

45.0

8.6

24.0

43.8

8.5

24.1

0.5

0.1

30.6

0.4

0.0

7.6

(35.1)

(2.5)

-

(31.9)

(2.4)

-

(2.1)

0.4

-

(1.9)

(8.2)

-

Revenue increased due to steady domestic consumption and a rebound in duty-free sales.
Duty-free sales reached 28.4 billion yen, up 12.0% year on year, tracking above plan,

driven by factors such as the weak yen.

Despite an increase in Osaka-Kansai Expo-related and other costs, business profit for 3Q (September-November) rose by 900 million yen.

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

Gross sales

Revenue

Gross profit

SGA

Business profit

Operating profit

3Q (September-November)

Result

YoY

Amount

%

201.8

10.8

5.7

64.5

4.7

8.0

41.9

2.9

7.7

34.0

1.9

6.2

7.8

0.9

14.4

6.2

0.2

5.0

Cumulative 3Q (March-November)

Result

YoY

Amount

%

595.7

5.6

1.0

194.1

7.0

3.8

124.4

2.4

2.0

100.5

5.5

5.8

23.8

(3.0)

(11.4)

22.8

(2.4)

(9.6)

Growth in duty-free sales drove the strong performance at Shinsaibashi, up 11.7%, and Kobe, up 6.3%.

Following the end of the Osaka-Kansai Expo effect, Umeda, where the closure of sales floors on upper levels has begun, saw a sales increase of 6.0%.

Nagoya, which completed renovations of its main building at the end of August, recorded a 9.0%

increase in sales.

（% increase/decrease）

Fiscal year ending February 28, 2026

YoY

1Q

2Q

3Q

Shinsaibashi

(9.3)

(0.9)

11.7

Umeda

10.6

14.6

6.0

Tokyo

(5.3)

(0.5)

3.4

Kyoto

(13.8)

(10.9)

(0.2)

Kobe

1.7

(1.4)

6.3

Sapporo

0.1

(2.5)

1.6

Nagoya

(0.5)

2.0

9.0

Total

directly managed stores

(2.8)

(0.4)

5.2

3Q

cumulative

0.1

10.5

(0.9)

(8.6)

2.2

(0.3)

3.5

0.6

7

3Q (September-November) duty-free sales reached 26.7 billion yen, up 14.8% year on year, driven by a rise in the number of visitors.

Currently, the number of inbound tourists from China has noticeably declined, and performance is trending below the prior year level.

Duty-free Sales (Mar 2023 - Nov 2025)

(billion yen)

14

12

10

No. of customers / Avg. spend per customer

YoY Change (％)

1Q

(Mar-May)

2Q

(Jun-Aug)

3Q

(Sep-Nov)

Customers

＋14.2

＋5.8

＋15.4

Avg. spend

-33.4

-24.9

-0.5

8 Duty-free sales share by country and region (%)

China
Hong Kong
Taiwan
Korea
Thailand
Other

6

66.0

FY2025

4 3Q cumulative

2

0

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

FY2023
FY2024
FY2025

FY2024

65.6

0% 20% 40% 60% 80% 100%



Daimaru Matsuzakaya Department Stores SGA

In 3Q (September-November), SGA increased by 2.2 billion YoY mainly owing to increases in fees.

Excluding Osaka-Kansai Expo expenses, there was an 800 million yen increase YoY.

(Unit: Millions of yen)

Item

3Ｑ

(Sep-Nov)

YoY

Cumulative 3Q

(Mar-Nov)

YoY

Major reasons for YoY change (Sep-Nov)

Personnel

8,150

101

23,561

187

【Personnel expenses】

・Salary and bonuses ＋140

【Advertising】

・Inbound initiatives ＋340

【Other】

・Fees ＋1,290

・Outsourcing costs ＋360

※Of the above,

Excl. Expo-related items ＋820

Advertising

2,967

447

7,857

801

Packaging and transportation

359

93

1,498

191

Depreciation

4,998

(44)

15,093

(205)

Operational

2,862

(30)

8,465

285

Other

11,853

1,660

35,649

4,748

Total SGA

31,192

2,227

92,126

6,008



Segment Information (2) SC Business (IFRS)

Tenant transaction volume remained strong for both domestic and international customers.

Despite a decline in operating profit in 3Q (Sep-Nov) due to losses recorded from the decision to close Shizuoka PARCO, cumulative results as of the end of 3Q showed an 800 million yen increase in business profit and a 1.8 billion yen increase in operating profit.

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

Gross sales

Revenue

Gross profit

SGA

Business profit

Operating profit

3Q (September-November)

Result

YoY

Amount

%

89.9

7.2

8.8

17.0

0.6

3.7

7.1

0.6

10.8

2.6

0.3

13.3

4.4

0.3

9.3

3.4

(0.5)

(14.1)

3Q cumulative (March-November)

Result

YoY

Amount

%

262.8

17.3

7.1

50.1

1.9

4.0

20.6

1.3

6.9

7.8

0.4

6.3

12.7

0.8

7.3

13.0

1.8

16.5